The Nobel Memorial Prize in Economic Sciences was awarded to Daron Acemoglu, Simon Johnson, and James A. Robinson for their research on economic disparities between nations. Their findings highlight the importance of societal institutions, such as the rule of law, in fostering growth. This recognition emphasizes the pressing need to address global income inequality.
In a remarkable accolade resonating through the hallowed halls of academia, the Nobel Memorial Prize in Economic Sciences has been conferred upon Daron Acemoglu, Simon Johnson, and James A. Robinson, honoring their pioneering exploration of the disparities in affluence that distinguish nations. On an impactful morning, October 14, whispers of their achievement echoed in Stockholm as the Nobel committee extolled their work, underscoring the critical role that societal institutions play in a nation’s economic fortune. “Societies with a poor rule of law and institutions that exploit the population do not generate growth or change for the better. The laureates’ research helps us understand why,” stated the esteemed committee, illuminating the shadows that often shroud economic development. Acemoglu and Johnson, esteemed scholars at the Massachusetts Institute of Technology, along with Robinson from the University of Chicago, have unveiled how the very fabric of social norms and legal frameworks can nurture or stifle growth. Jakob Svensson, Chair of the Committee for the Prize in Economic Sciences, emphasized the urgency of their findings: “Reducing the vast differences in income between countries is one of our time’s greatest challenges.” The journey toward this prestigious recognition was met with the joyous astonishment of Acemoglu, who expressed, “I am delighted. It’s just a real shock and amazing news,” capturing the exhilaration of the moment as it dawned on him. This award is often regarded as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel—a rich legacy established by the central bank to honor the memory of Nobel, the ingenious inventor of dynamite from the 19th century. The echoes of history remind us that the inaugural laureates in 1969, Ragnar Frisch and Jan Tinbergen, set a precedent for numerous future scholars. The announcement of the economics prize marks the culmination of an exhilarating week adorned with the revelations of awards across various fields including medicine and peace, held every year on December 10—Nobel’s death anniversary. Last year’s honorific spotlight shone on Harvard’s Claudia Goldin, who dissected the complexities behind the global gender disparities in employment—an enlightening addition to the narratives woven into the rich tapestry of economic scholarship.
The Nobel Memorial Prize in Economic Sciences, although often thought to be part of the original Nobel Prizes, was created in 1968 by the Bank of Sweden in memory of Alfred Nobel. This prize aims to recognize contributions that deepen our understanding of economics and society. The topic of prosperity among countries has gained increased relevance, particularly in discussions of global inequality and the systemic factors leading to economic success or failure. The latest winners’ research sheds light on how institutional frameworks and governance impact economic growth, particularly highlighting the role of the rule of law and societal norms.
The awarding of the Nobel Memorial Prize in Economic Sciences to Acemoglu, Johnson, and Robinson shines a spotlight on the integral role societal institutions play in shaping economic outcomes across nations. Their groundbreaking research not only elucidates why some nations thrive while others languish but also challenges us to reflect on the root causes of global income disparities. In a world where wealth and opportunity are often unequally distributed, understanding these dynamics is crucial for fostering equitable growth.
Original Source: www.lemonde.fr
